Stop loss order in reliance money

[vikram.exe]

Hi,
Sry if its a repost, but I didnt find any thread for this.....

I am using reliance money and I am not able to place an stop loss order. while searching for some help, I read this:

"If 'A' buys one lot of (FUTURES) FOOBAR at Rs 325 in expectation that the price will rise. However, in the event the price falls, 'A' would like to limit his losses. 'A' may place a limit sell order specifying a Stop loss trigger price of Rs 305 and a limit price of Rs 300. "


Now the problem with me is that, when I select to place a limit order in reliance money, the "stop loss triger price" field is disable. This gets enable only when I select order type as: "STOP LOSS". Now as my trading capital is very less, when ever I use "STOP LOSS" it says "exposure not available...u r short of money."

My doubt is: Am I supposed to have the required amount of money in my account to place an stop loss order. Also from the text quoted above, it says u have to place an "LIMIT" sell order, but as already mentioned, that is not working with me.

Please help....

Thx in advance

 

[AW10]

This is the result of poor documentation of online HELP. I guess, they wrote the help document (I am assuming the text is from the help section of their site) when they created the site. Over a period of time, they have modified the system .. but never modifed the help document so it is misleading now.

Generally for placing SL order, you don't need any margin.
I am not sure if you already have the open position before placing the stoploss order or not. If you don't have the position, then quite possible the system is taking this order as if you are trying to open a SHORT trade (i.e. selling without owning the stock).
For short selling, borkers ask for margin.

Best will be to chk with the borker directly.. or wait for some other user of reliance money. I don't use RMoney so can't help with specifics.

Happy Trading.

 

[vikram.exe]

Thx AW10, for replying....


just to add, This problem comes even when I have open positions.

Eg: I have 1 lot of IDFC ca 65 @ Rs 2, on friday its market price was Rs 4.

So I wanted to place an stop loss order such that if the price goes below 3.30, the system automatically sell (square off) the option contract.

For this, I placed an stop loss order with trigger price as Rs 3.30 and limit as 3.00, but I got the the error "exposure not available, account short of money."

Thx....

 

[vikram.exe]

Thx AW10, for replying....


just to add, This problem comes even when I have open positions.

Eg: I have 1 lot of IDFC ca 65 @ Rs 2, on friday its market price was Rs 4.

So I wanted to place an stop loss order such that if the price goes below 3.30, the system automatically sell (square off) the option contract.

For this, I placed an stop loss order with trigger price as Rs 3.30 and limit as 3.00, but I got the the error "exposure not available, account short of money."

Thx....

 

[bvpraveen]

Could be the problem with RM. Talk to customer care.

 

[rajivv61]

hey...i too hav a RM ac.. tho i hav not tried this Stop loss till now, my colleague does use this often... U must directly call the broker yaaar... their cust service no. is 39886000.... Or u can simply shoot out a mail to their cst care....

 

[nbntrade]

Hello Traderji Member(s),

Am a new to Share market and just want to start the Intraday trade.

Please suggest me for the below

1. Which account(Demat & Trading Account) is best to open.
2. Which one has the lowest brokarage(but the brand name is must)
3. What are shares you are advising me to buy.
4. Mainly what is tactic in Trade.....

 

[Monkeytrading]

[/QUOTE]

Hi,
Sry if its a repost, but I didnt find any thread for this.....

I am using reliance money and I am not able to place an stop loss order. while searching for some help, I read this:

"If 'A' buys one lot of (FUTURES) FOOBAR at Rs 325 in expectation that the price will rise. However, in the event the price falls, 'A' would like to limit his losses. 'A' may place a limit sell order specifying a Stop loss trigger price of Rs 305 and a limit price of Rs 300. "


Now the problem with me is that, when I select to place a limit order in reliance money, the "stop loss triger price" field is disable. This gets enable only when I select order type as: "STOP LOSS". Now as my trading capital is very less, when ever I use "STOP LOSS" it says "exposure not available...u r short of money."

My doubt is: Am I supposed to have the required amount of money in my account to place an stop loss order. Also from the text quoted above, it says u have to place an "LIMIT" sell order, but as already mentioned, that is not working with me.

Please help....

Thx in advance

Hi there,

I am also a ex customer to RSec,

They require a margin even for a SL order, I think it is a common practice among all brokers. Even with the limit orders you need to have the necessary capital. Besides you always need to place the SL order Separately once the position is entered. It is not possible to place limit and SL in same order.

The system does not understand you wish to square off a open position with this order. It considers it as a fresh position and requires margin.

I am now with Ventura, you can bargain with them for a good deal.
If you want fun of futures without the risk try at the money options. Start with Tata Steel and L&T for some reason they are just going down no matter what market does.